Specifically, the report said comprehensive programs, such as those implemented in the U.S. in the 1930s and in Iceland today, could be models for restructuring policies to use today.

On the positive side, the cycle of foreclosure and default has also lowered household debt back to 2003 levels, Leigh remarked.

This phenomenon may take several more years to occur in Europe, he added, where the number of defaults is much lower.

As for the restructuring programs, the IMF report noted the success of such programs depends on careful design.

"Overly restrictive eligibility criteria or poorly structured incentives can limit the programs' effectiveness," the report said. "Overly broad programs, on the other hand, can have serious side effects and undermine the health of the financial sector."